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Mortgage-free wannabe

Archives for March 2016

Project 2018
I've been lurking a while so I thought I'd post my thoughts! We bought our house in 2007, with a mortgage of £235,000. The mortgage was ported from the previous property with part 4.5% and part 6.2% fixed (as this was pre credit crunch!) Repayments were a whopping £1500+ per month (ouch!) Nine years later the balance is…
Best course of action
Hey guys, So I have an 11 year old Northern Rock mortgage from when I was 22. At the time, I had nothing: no savings, no anything. I got a decent paying contract and got the classic Northern Rock mortgage to get myself on the housing ladder. It was the 80% mortgage / 20% loan style. This has been fine, being honest and now…
Advice on mortgage type Please
Hi, I have a question about which is the best type of morgagte to get if you plan on over paying alot each month but just incase a certain month you dont want to over pay you can still pay normal monthly payment. I am just doing my research as this year i will be looking to purchase my first house in price range of £55K -…
Buying a house & becoming MF!
EDIT - this thread was created back in 2016. Please see my latest post for an update on SOA. Highlights include going from 38k net assets to 104k in 2 and a half years. Firstly - as this is indeed my first ever post on MSE, please go easy, I'm unsure of all the acronyms and etiquette in the forum. I'm proud of what I've…
MortgageFTB's Countdown
After being in our first home for almost a year, decorated and replaced a bunch of appliances, we've decided to focus on getting rid of our mortgage. 24 years more of mortgage sounds... meh. Prior to paying our mortgage, we were paying around £1,600 in rent pcm, so we feel we can definitely match this for our mortgage…
Question about offset mortgages: offset or overpay
Hello everyone, I am a longtime lurker here and thought that this thread might be the best place to ask my question as a lot of people here seem to make use of offset mortgages. I have read and enjoyed Tilly's MGW in 6 yrs thread and it's given me a lot of ideas and inspiration. I also spend a lot if time reading the NBI…
Are "mortgage free wanabees" rethinking due to interest rates?
In light of another report today stating that interest rates are unlikely to rise till 2021. Are any "mortgage fee wannabes" having a rethink about incessant saving now that interest rates are so low and are likely to remain that way. Perhaps considering taking the foot off the pedal for a bit? Or does a slightly shaky…
plans once mortgage free
:j Hi everybody. I was wondering what everybody planned to do/purchase once they are mortgage free ( in the short and longer term) ? Think we have probably all thought about what we could do with the extra cash not going into paying off a mortgage each month! Okay..I will start: Short term -new car Long term - was thinking…
Nationwide DIP questions
Hi All I'm using a whole of market broker to apply for a mortgage. After going through various details, she recommended trying with Nationwide. She has applied for a DIP for me from Nationwide, and said the DIP came back as 'accepted', and it has asked her to submit my most recent payslip and 1 months most recent bank…
First step to MFW
I bought my first house in Jan 2015. We intended to overpay by £100 a month as the mortgage was £100 cheaper than the rent we were paying. However, we didn't get around to making any overpayments last year at all! When we received our first mortgage statement in the first year the balence had barely gone down by £1k as the…

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Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
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Mortgage-free wannabe

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